Global business travel spending will reach a record $1.18 trillion this year, up nearly seven per cent from 2013, bolstered by growth in China, a U.S. trade group said on Monday. The Global Business Travel Association said it expects China, where business travel spending grew to $225 billion in 2013 from $32 billion in 2000, will top the United States, which is currently the world’s top individual market for business travel, by 2016. Updated 5 Years ago

Oil prices slipped for a second session on Tuesday, with Brent edging down toward $107 a barrel, as ample supply offset geopolitical tensions in the Middle East, Africa and Europe. Despite conflicts in Ukraine, Iraq and Libya, global oil production has exceeded demand, leaving pockets of excess supply in Africa and Europe. Updated 5 Years ago

When a Chinese customer asked for the interior of his new Bombardier Challenger 850 jet to be covered with pricey black carbon fiber, the designer was shocked - but happy to oblige. "We'll do whatever you want, as long as it's within the realm of certification," says Sean Gillespie, executive vice-president for sales of Flying Colours, a North American aviation services company. Updated 5 Years ago

Police in Italy seized €104 million ($140 million) from Nomura Holdings Inc., accusing the giant brokerage of defrauding the region of Sicily with complex financial products in the years leading up to the derivatives crisis. Prosecutors allege four bankers representing Nomura sold the region contracts that ended up hurting its public finances, police said in a statement Monday. It didn’t identify the bankers or say whether they are still employed by Nomura. Updated 5 Years ago

Net profits of China's State-owned enterprises (SOEs) hit 1.9 trillion yuan in 2013, up 4.4 percent year on year, the Ministry of Finance said on Monday. The enterprises' total assets stood at 104.1 trillion yuan ($17.07 trillion) in 2013, up 16.3 percent year on year. Total debt was 67.1 trillion yuan, up 16.7 percent year on year. The SOEs provided 36.98 million jobs, up 0.7 percent year on year, including 17.62 million from SOEs owned by the central government and 19.36 million from those controlled by local governments. Updated 5 Years ago

China is poised to displace the US as the world's biggest business-travel market by 2016, aided by accelerating export growth and slowing inflation. Spending worldwide for business travel will climb 6.9 percent this year to $1.18 trillion, according to a report released by the Global Business Travel Association on Monday. Growth will accelerate by an estimated 8.6 percent next year and then slow in 2016 through 2018, the GBTA forecast shows. Updated 5 Years ago

Amid a serious meat shortage following the recent food safety scandal involving supplier Shanghai Husi, international fast-food chains in China may still have to source locally, though their peers in Japan have shifted to Thai meat producers, an industry expert said. Ben Cavender, a senior analyst at China Market Research Group in Shanghai, said that in the short term, eateries are trying to find replacements as quickly as possible in China and other countries. Updated 5 Years ago

The “blue” today dollar spiked 40 cents, to 13 pesos, amid growing uncertainty over the negotiations between Argentina and its holdout creditors in New York, as the July 30 deadline set by US Judge Thomas Griesa approaches. Earlier today the government announced an official delegation was to meet with court-appointed mediator Daniel Pollack tomorrow, but a few hours later Pollack himself said no meeting had been scheduled so far. Updated 5 Years ago

Declining productivity is the biggest risk facing the global mining sector, and the issue cannot be addressed by simple cost-cutting, according to a report by EY. Productivity dropped off significantly in the past decade due to miners' pursuit of "volume growth at almost any cost" during the boom in commodity prices, the study said. But following falls in the prices of metals such as gold, silver and copper last year, productivity has risen to the fore, ranking first in EY's top 10 risks affecting mining, with the problem compounded by rising labor costs. Updated 5 Years ago

Microsoft confirmed on Monday that Chinese government officials have visited their offices in cities across China. Local Chinese media reported that officers from the State Administration for Industry and Commerce visited the U.S. software giant in Beijing, Shanghai, Guangzhou, and Chengdu. A Microsoft spokesperson issued a statement, saying the company is happy to answer the government's questions. A reason for the inspections was not immediately clear, though the move coincides with the lifting of a ban on foreign game consoles that has lasted more than a decade. Updated 5 Years ago